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  August 2012

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• Breaking News

  • Jobs, housing data show economy has some muscle
    By Lucia Mutikani WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits fell last week, pointing to resilience in the labor market despite belt-tightening by Washington. The improving employment picture is helping to prop up housing, with rising home prices keeping domestic consumption supported, limiting the drag from tighter fiscal policy that is dampening factory activity. "All the eggs are in housing and the consumers' baskets this quarter. ...
  • Wall Street sags, but ends off session lows; HP hits 52-week high
    By Angela Moon NEW YORK (Reuters) - Stocks slipped on Thursday but finished sharply off their session lows as a rally in Hewlett-Packard's shares offset worries about weak Chinese manufacturing data and the prospects of the Federal Reserve reducing its monetary stimulus. Trading was choppy as many traders were adjusting their positions ahead of the long holiday weekend. Markets will be closed on Monday for Memorial Day. Hewlett-Packard shares jumped more than 17 percent to a fresh 52-week high a day after the world's largest PC maker raised its outlook. ...
  • SAC lawyers met with prosecutors to argue against charges: sources
    By Emily Flitter and Matthew Goldstein NEW YORK (Reuters) - Lawyers for SAC Capital Advisors called a meeting with U.S. prosecutors and FBI agents in April to argue that there should be no insider trading charges filed against the $15 billion hedge fund or its founder, Steven A. Cohen, according to sources familiar with the matter. Lawyers for the firm made an "aggressive presentation," according to the sources, reviewing the government's investigation in detail to support their claim that the government did not have enough evidence to charge Cohen. ...
  • Gap profit soars; Aeropostale first quarter sales plummet
    (Reuters) - Gap Inc reported a higher first-quarter profit on Thursday, helped by a rise in same-store sales at its Old Navy and namesake chains, and growth in Asia. Gap has staged a comeback in the last few years, offering hipper fashions that have found favor again with shoppers that in the interim had flocked to Zara parent Inditex SA and homegrown competitors such as Forever21. The company, which also owns Banana Republic, posted net income of $333 million, or 71 cents per share, for the quarter ended May 4, up 42.9 percent from $223 million, or 47 cents per share, a year earlier. ...
  • Goldman Sachs banker settles SEC 'pay-to-play' charges
    WASHINGTON (Reuters) - Former Goldman Sachs banker Neil Morrison agreed to pay $100,000 to settle charges for his role in a pay-to-play scheme involving a Massachusetts gubernatorial campaign, the largest such penalty paid by an individual, the U.S. Securities and Exchange Commission said on Thursday. Morrison also was barred from the securities industry for five years in the first industry ban for violating municipal bond market rules on "pay-to-play," or the making of campaign donations in exchange for political favors, the SEC said. ...
  • Icahn seeks up to $7 billion for Dell bid
    By Michelle Sierra NEW YORK (Reuters) - Activist investor Carl Icahn and Southeastern Asset Management Inc have initiated talks with banks and asset managers to line up commitments for as much as $7 billion in bridge loans to back their leveraged recapitalization proposal for Dell Inc, banking sources told Thomson Reuters LPC on Thursday. Jefferies & Co is leading the deal. Icahn and Southeastern are looking to lock in the financing before Dell shareholders meet in July to vote on a rival take-private offer from CEO Michael Dell and Silver Lake Partners. ...
  • Sprint, SoftBank complete U.S. state regulatory review process
    NEW YORK (Reuters) - Sprint Nextel and SoftBank Corp said on Thursday they had received all necessary state regulatory approvals for the Japanese company's proposed $20.1 billion purchase of 70 percent of Sprint. The California Public Utilities Commission voted on Thursday to approve the deal, according to the companies, which said this was the final state approval required for the transaction. The companies are still working with the Federal Communications Commission and other Federal government agencies reviewing the transaction, SoftBank and Sprint said. Sprint, the No. 3 U.S. ...
  • Who repaid U.S. loan first? Chrysler, Tesla don't see eye to eye
    By Deepa Seetharaman DETROIT (Reuters) - Chrysler Group LLC and Tesla Motors Inc , both led by media-savvy executives, are trading public jabs over the definition of payback. Tesla wired $452 million on Wednesday to repay the remaining portion of its U.S. Department of Energy loan with interest. The company described itself as "the only American car company to have fully repaid the government. Chrysler's snappy rejoinder came four hours later: "Not exactly, Tesla." In 2009, Tesla won a federal loan as part of a DOE program to promoted advanced vehicle development. That same year, the U.S. ...
  • Pentagon sees slight drop in F-35 acquisition costs: sources
    WASHINGTON (Reuters) - The Pentagon's annual report to Congress shows a decline of $4.5 billion, or just over 1 percent, in the projected development and acquisition cost of the Lockheed Martin Corp F-35 fighter jet program, sources familiar with the data said on Thursday. The U.S. Defense Department now projects the cost of developing and building the new radar-evading jet - the largest U.S. weapons program - to be $391.2 billion, down from last year's estimate of $395.7 billion, said the sources, who were not authorized to speak on the record. ...
  • Ally to pay $2.1 billion to settle claims tied to ResCap
    By Tom Hals (Reuters) - Ally Financial Inc agreed on Thursday to pay $2.1 billion to settle legal claims tied to its bankrupt Residential Capital LLC unit, nearly triple the amount it initially offered to creditors of the subprime mortgage business. Ally hopes the deal will finally end allegations that ResCap was stripped of choice assets such as its online bank, Ally Bank, before being put into bankruptcy, leaving the mortgage unit's creditors empty-handed. Putting the issue behind it will help Ally focus on its core business of auto lending and on repaying the U.S. ...

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